Wireless Companies are Getting More Money out of Your Older Phone.

U.S. wireless companies are finding new ways to increase profits as sales of new smartphones slow down. Instead of relying on device sales, carriers like AT&T, T-Mobile, and Verizon are focusing on upselling customers to more expensive service plans. This strategy has helped offset the decline in equipment sales. Apple has also adapted to the changing market by fostering a thriving secondary market for older smartphones and generating revenue from services like advertising and the App Store. The slowdown in smartphone sales is partly due to the promotion of 5G technology, which has reduced the need for frequent upgrades. Wireless companies are responding to this lull by encouraging customers to choose pricier wireless plans. While some customers are accepting higher rates, others have pushed back against price increases. Overall, wireless companies are finding ways to increase revenue despite the decline in device sales. [Extracted from the article]